Ellie Mae and AI Foundry have established a partnership in which they will integrate their respective technologies and use artificial intelligence and machine learning to help lenders improve the mortgage origination process.
Lenders will benefit from the partnership through the availability of artificial intelligence-driven automation capabilities that significantly reduce labor-intensive processes associated with mortgage origination.

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The partnership and technology integration will provide numerous benefits including: Reduced time spent for loan officers to identify, collect and organize borrower documents in Ellie Mae's Encompass, Digital Mortgage Solution; increased processing efficiency by allowing loan processors to proactively identify and quickly act on missing or incomplete documentation; reduced ongoing risk and quality management in the loan manufacturing process through real-time validations and verifications of information in Encompass with the information extracted from the documents.

"Many lenders are digitally transforming their customer-facing operations while also trying to optimize their back-office systems and processes from within Encompass," said Clark Brett, vice president of business development at AI Foundry. "By integrating our technology with an innovative industry leader such as Ellie Mae, we can dramatically expand AI Foundry's reach into lenders, and help them speed mortgage originations through increased productivity and accuracy. For their customers, this translates into mortgage application approvals in hours rather than weeks."

AI Foundry's unique approach to applying visual cognitive document automation, artificial intelligence and deep learning will complement Ellie Mae's Encompass digital mortgage solution which provides one system of record that enables banks, credit unions and mortgage lenders to originate and fund mortgages and improve compliance, loan quality and efficiency.